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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (65891)	8/6/1999 12:46:00 PM
From: MythMan	Read Replies (1) \| Respond to of 132070

>>because a financial institution is having liquidity problems related to derivative scams. << who is the rumored institution?

To: Knighty Tin who wrote (65891)	8/6/1999 2:25:00 PM
From: bill meehan	Read Replies (2) \| Respond to of 132070

MB, I also got a kick out of the financials rallying back sharply. The following is excerpted from my comments last night: With 10-yr swap spreads blowing out, vague rumors of a big hedge fund, trading desk or bank (take your choice, and you can also pick which side of the pond) pushed the yield on the long bond down to 6.05%. That appeared to help stem the tide on Wall Street, but I noted in our midday update that we may have also seen technical buying in the S&P pit after the Sept contract took out its 40-wk MA but failed to follow through to the downside. In one of the more perverse explanations I heard, some surmised that a mini-version of last year's financial difficulty would keep the Fed on hold, irrespective of the domestic economic data. It's quite ironic that Mr. G, one of Ayn Rand's old disciples, has garnered such a reputation for aiding and abetting moral hazard.